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How predictable is the economy?

On the first Thursday of every month the Bank of England’s Monetary Policy Commission (MPC) has a little get together to decide what to do about interest rates for that month, and a couple of weeks later the notes from that meeting are released to the press. Until recently these notes didn’t generate a lot of interest, but now that everything’s going to hell in a handcart, the media likes to pore over them in the hope of gaining some insight into what the MPC’s plans for the future might be. The nine members of the MPC rarely agree on whether to cut, raise or hold rates, and even when most of the members agree on a particular course...

posted on: May 21, 2008 | author: Lance